We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| US Physical Therapy Inc | NYSE:USPH | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 94.48 | 2 | 13:10:03 |
From Jul 2019 to Jul 2024
Company Declares $.15 Per Share Quarterly Dividend
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the first quarter ended March 31, 2015.
U.S. Physical Therapy’s net income attributable to common shareholders prior to revaluation of redeemable non-controlling interests, net of tax (“operating results”) was $4.2 million for the first quarter of 2015 and for the first quarter of 2014. Diluted earnings per share from operating results were $.34 in the recent quarter as compared to $.35 in the comparable 2014 period. As noted in the Company’s press release on March 5, the unusually severe winter weather prevalent in many parts of the country during the first quarter adversely impacted operations. Management estimates that more than 20,000 patient visits were cancelled with an earnings impact of $.07 to $.09 per share.
First Quarter 2015 Compared to First Quarter 2014
Chris Reading, Chief Executive Officer, said, “This was undoubtedly a difficult quarter from a weather perspective yet there were a number of bright spots including solid same store visit growth, strong referral volume and a couple of acquisitions closed in the early part of this year. I continue to have great confidence in our team and in our collective ability to execute on our plan for 2015.”
Larry McAfee, Chief Financial Officer, noted, “By mid-March, after the winter storms subsided, the Company’s average daily patient visits rose significantly such that we ended the first quarter at a solid run rate. Absent the severe weather, patient visits in the first quarter would have been higher as same store patient referrals increased a strong 4.6%.”
U.S. Physical Therapy Declares Quarterly Dividend
The second quarterly dividend of 2015 for $.15 per share will be paid on June 5 to shareholders of record as of May 18.
First Quarter 2015 Conference Call
U.S. Physical Therapy's Management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on Thursday, May 7, 2015 to discuss the Company’s Quarter Ended March 31, 2015 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 22675485 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via web-cast, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until July 7, 2015.
Forward-Looking Statements
This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement is no longer applicable.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 497 outpatient physical and occupational therapy clinics in 42 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 17 physical therapy facilities for third parties, including hospitals and physician groups.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF NET INCOME(IN THOUSANDS, EXCEPT PER SHARE DATA)(unaudited)
Three Months Ended March 31, 2015 March 31, 2014 Net patient revenues $ 75,807 $ 68,397 Other revenues 1,434 1,370 Net revenues 77,241 69,767 Clinic operating costs: Salaries and related costs 43,052 37,942 Rent, clinic supplies, contract labor and other 16,325 14,216 Provision for doubtful accounts 990 950 Closure costs 32 13 Total clinic operating costs 60,399 53,121 Gross margin 16,842 16,646 Corporate office costs 7,657 7,132 Operating income 9,185 9,514 Interest and other income, net 8 1 Interest expense (265 ) (253 ) Income before taxes 8,928 9,262 Provision for income taxes 2,777 2,939 Net income including non-controlling interests 6,151 6,323 Less: net income attributable to non-controlling interests (1,985 ) (2,095 ) Net income attributable to common shareholders $ 4,166 $ 4,228 Basic earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.34 $ 0.35 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - (0.08 ) Basic $ 0.34 $ 0.27 Diluted earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.34 $ 0.35 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - (0.08 ) Diluted $ 0.34 $ 0.27 Shares used in computation: Basic 12,313 12,129 Diluted 12,313 12,144 Dividends declared per common share $ 0.15 $ 0.12
U.S. PHYSICAL THERAPY, INC AND SUBSIDIARIES
CONSOLIDATED EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended March 31, 2015 March 31, 2014 Earnings attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 4,166 $ 4,228 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - (967 ) $ 4,166 $ 3,261 Basic earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.34 $ 0.35 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - (0.08 ) $ 0.34 $ 0.27 Diluted earnings per share attributable to common shareholders: From operations prior to revaluation of redeemable non-controlling interests, net of tax $ 0.34 $ 0.35 Charges to additional paid-in-capital - revaluation of redeemable non-controlling interests, net of tax - (0.08 ) $ 0.34 $ 0.27 Shares used in computation: Basic earnings per share - weighted-average shares 12,313 12,129 Effect of dilutive securities - stock options - 15
Denominator for diluted earnings per share - adjusted weighted-average shares
12,313 12,144
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE DATA) March 31, 2015 December 31, 2014 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 14,557 $ 14,271 Patient accounts receivable, less allowance for doubtful accounts of $1,633 and $1,669, respectively 34,673 32,891 Accounts receivable - other, less allowance for doubtful accounts of $198 and $198, respectively 1,378 1,503 Other current assets 5,291 6,186 Total current assets 55,899 54,851 Fixed assets: Furniture and equipment 42,542 42,003
Leasehold improvements
23,565 22,806 66,107 64,809 Less accumulated depreciation and amortization 50,212 49,045 15,895 15,764 Goodwill 159,176 147,914 Other intangible assets, net 24,537 24,907 Other assets 1,916 1,115 $ 257,423 $ 244,551 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - trade $ 2,292 $ 1,782 Accrued expenses 18,178 22,839 Current portion of notes payable 932 883 Total current liabilities 21,402 25,504 Notes payable 483 234 Revolving line of credit 41,500 34,500 Deferred rent 984 991 Other long-term liabilities 9,480 8,732 Total liabilities 73,849 69,961 Commitments and contingencies Redeemable non-controlling interests 7,373 7,376 Shareholders' equity:U.S. Physical Therapy, Inc. shareholders' equity:
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding - - Common stock, $.01 par value, 20,000,000 shares authorized, 14,613,374 and 14,487,346 sharesissued, respectively
145 145 Additional paid-in capital 45,080 43,577 Retained earnings 136,491 134,186 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 )Total U.S. Physical Therapy, Inc. shareholders' equity
150,088 146,280 Non-controlling interests 26,113 20,934 Total equity 176,201 167,214 $ 257,423 $ 244,551U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS, EXCEPT PER SHARE DATA)(unaudited) Three Months Ended March 31, 2015 March 31, 2014 OPERATING ACTIVITIES Net income including non-controlling interests $ 6,151 $ 6,323 Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: Depreciation and amortization 1,807 1,387 Provision for doubtful accounts 991 950 Equity-based awards compensation expense 990 735 Loss on sale of business and sale or abandonment of assets, net 17 19 Excess tax benefit from shared-based compensation (271 ) (126 ) Deferred income tax 565 1,580 Write-off of goodwill - closed clinic 34 - Changes in operating assets and liabilities: Increase in patient accounts receivable (2,185 ) (3,002 ) Decrease in accounts receivable - other 125 146 Decrease in other assets 106 735 (Decrease) in accounts payable and accrued expenses (5,976 ) (5,241 ) Increase in other Long term liabilities 665 184 Net cash provided by operating activities 3,019 3,690 INVESTING ACTIVITIES Purchase of fixed assets (1,419 ) (849 ) Purchase of businesses, net of cash acquired (6,445 ) (125 ) Acquisitions of non-controlling interests (359 ) (2,833 ) Proceeds on sale of business and fixed assets, net 8 16 Net cash used in investing activities (8,215 ) (3,791 ) FINANCING ACTIVITIES Distributions to non-controlling interests (including redeemable non-controlling interests) (1,589 ) (1,413 ) Proceeds from revolving line of credit 34,000 29,000 Payments on revolving line of credit (27,000 ) (23,500 ) Payment of notes payable (200 ) (250 ) Tax benefit from share-based compensation 271 126 Other - 1 Net cash provided by financing activities 5,482 3,964 Net increase in cash and cash equivalents 286 3,863 Cash and cash equivalents - beginning of period 14,271 12,898 Cash - end of period $ 14,557 $ 16,761 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 1,275 $ 242 Interest $ 235 $ 345 Non-cash investing and financing transactions during the period: Purchase of business - seller financing portion $ 500 $ - Revaluation of redeemable non-controlling interests $ - $ 1,639
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIESRECAP OF CLINIC COUNT Number of Date Clinics March 31, 2014 472 June 30, 2014 486 September 30, 2014 489 December 31, 2014 489 March 31, 2015 494
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief Financial OfficerorChris Reading, (713) 297-7000Chief Executive OfficerorWestwicke PartnersBob East, (443) 213-0502
1 Year US Physical Therapy Chart |
1 Month US Physical Therapy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
